我国商业银行个人住房贷款的风险及防范外文文献及翻译

我国商业银行个人住房贷款的风险及防范（文献翻译）MortgageLoanAmortgageloanisa\o"Loan"loan\o"Collateral(finance)"securedby\o"Realproperty"realpropertythroughtheuseofa\o"Mortgagenote"mortgagenotewhichevidencestheexistenceoftheloanandthe\o"Encumbrance"encumbranceofthatrealtythroughthegrantingofa\o"Mortgagelaw"mortgagewhich\o"Securityinterest"securestheloan.However,thewordmortgagealone,ineverydayusage,ismostoftenusedtomeanmortgageloan.Thewordmortgageisa\o"LawFrench"LawFrenchtermmeaning"deathcontract,"meaningthatthepledgeends(dies)wheneithertheobligationisfulfilledorthepropertyistakenthrough\o"Foreclosure"foreclosure.[1]Ahomebuyerorbuildercanobtainfinancing(aloan)eithertopurchaseorsecureagainstthepropertyfromafinancialinstitution,suchasa\o"Bank"bank,eitherdirectlyorindirectlythroughintermediaries.Featuresofmortgageloanssuchasthesizeoftheloan,maturityoftheloan,interestrate,methodofpayingofftheloan,andothercharacteristicscanvaryconsiderably.Inmanyjurisdictions,thoughnotall(\o"Bali"Bali,Indonesiabeingoneexception[2]),itisnormalforhomepurchasestobefundedbyamortgageloan.Fewindividualshaveenoughsavingsorliquidfundstoenablethemtopurchasepropertyoutright.Incountrieswherethedemandfor\o"Homeownership"homeownershipishighest,strongdomesticmarketshavedeveloped.MortgageloanbasicsBasicconceptsandlegalregulationAccordingtoAnglo-American\o"Propertylaw"propertylaw,amortgageoccurswhenanowner(usuallyofa\o"Feesimple"feesimpleinterestin\o"Realproperty"realty)pledgeshisorherinterest(righttotheproperty)as\o"Security(finance)"securityor\o"Collateral(finance)"collateralforaloan.Therefore,amortgageisan\o"Encumbrance"encumbrance(limitation)ontherighttothepropertyjustasan\o"Easement"easementwouldbe,butbecausemostmortgagesoccurasaconditionfornewloanmoney,thewordmortgagehasbecomethegenerictermfora\o"Loan"loansecuredbysuch\o"Realproperty"realproperty.Aswithothertypesofloans,mortgageshaveaninterestrateandarescheduledto\o"Amortize"amortizeoverasetperiodoftime,typically30years.Alltypesofrealpropertycanbe,andusuallyare,securedwithamortgageandbearaninterestratethatissupposedtoreflectthelender'srisk.Mortgagelendingistheprimarymechanismusedinmanycountriestofinanceprivateownershipofresidentialandcommercialproperty.Althoughtheterminologyandpreciseformswilldifferfromcountrytocountry,thebasiccomponentstendtobesimilar:Property:thephysicalresidencebeingfinanced.Theexactformofownershipwillvaryfromcountrytocountry,andmayrestrictthetypesoflendingthatarepossible.\o"Mortgagelaw"Mortgage:the\o"Securityinterest"securityinterestofthelenderintheproperty,whichmayentailrestrictionsontheuseordisposaloftheproperty.Restrictionsmayincluderequirementstopurchase\o"Homeinsurance"homeinsuranceand\o"Mortgageinsurance"mortgageinsurance,orpayoffoutstandingdebtbeforesellingtheproperty.\o"Borrower"Borrower:thepersonborrowingwhoeitherhasoriscreatinganownershipinterestintheproperty.\o"Lender"Lender:anylender,butusuallya\o"Bank"bankorother\o"Financialinstitution"financialinstitution.Lendersmayalsobe\o"Investor"investorswhoownaninterestinthemortgagethrougha\o"Mortgage-backedsecurity"mortgage-backedsecurity.Insuchasituation,theinitiallenderisknownasthemortgageoriginator,whichthenpackagesandsellstheloantoinvestors.Thepaymentsfromtheborrowerarethereaftercollectedbya\o"Loanservicer"loanservicer.[3]Principal:theoriginalsizeoftheloan,whichmayormaynotincludecertainothercosts;asanyprincipalisrepaid,theprincipalwillgodowninsize.\o"Interest"Interest:afinancialchargeforuseofthelender'smoney.\o"Foreclosure"Foreclosureor\o"Repossession"repossession:thepossibilitythatthelenderhastoforeclose,repossessorseizethepropertyundercertaincircumstancesisessentialtoamortgageloan;withoutthisaspect,theloanisarguablynodifferentfromanyothertypeofloan.Manyotherspecificcharacteristicsarecommontomanymarkets,buttheabovearetheessentialfeatures.Governmentsusuallyregulatemanyaspectsofmortgagelending,eitherdirectly(throughlegalrequirements,forexample)orindirectly(throughregulationoftheparticipantsorthefinancialmarkets,suchasthebankingindustry),andoftenthroughstateintervention(directlendingbythegovernment,bystate-ownedbanks,orsponsorshipofvariousentities).Otheraspectsthatdefineaspecificmortgagemarketmayberegional,historical,ordrivenbyspecificcharacteristicsofthelegalorfinancialsystem.Mortgageloansaregenerallystructuredaslong-termloans,theperiodicpaymentsforwhicharesimilartoan\o"Annuity(financetheory)"annuityandcalculatedaccordingtothe\o"Timevalueofmoney"timevalueofmoneyformulae.Themostbasicarrangementwouldrequireafixedmonthlypaymentoveraperiodoftentothirtyyears,dependingonlocalconditions.Overthisperiodtheprincipalcomponentoftheloan(theoriginalloan)wouldbeslowlypaiddownthrough\o"Amortization"amortization.Inpractice,manyvariantsarepossibleandcommonworldwideandwithineachcountry.Lendersprovidefundsagainstpropertytoearn\o"Interestincome"interestincome,andgenerallyborrowthesefundsthemselves(forexample,bytaking\o"Depositaccount"depositsorissuing\o"Bond(finance)"bonds).Thepriceatwhichthelendersborrowmoneythereforeaffectsthecostofborrowing.Lendersmayalso,inmanycountries,sellthemortgageloantootherpartieswhoareinterestedinreceivingthestreamofcashpaymentsfromtheborrower,oftenintheformofasecurity(bymeansofa\o"Securitization"securitization).Mortgagelendingwillalsotakeintoaccountthe(perceived)riskinessofthemortgageloan,thatis,thelikelihoodthatthefundswillberepaid(usuallyconsideredafunctionofthecreditworthinessoftheborrower);thatiftheyarenotrepaid,thelenderwillbeabletoforecloseandrecoupsomeorallofitsoriginalcapital;andthefinancial,\o"Interestraterisk"interestrateriskandtimedelaysthatmaybeinvolvedincertaincircumstances.MortgageloantypesTherearemanytypesofmortgagesusedworldwide,butseveralfactorsbroadlydefinethecharacteristicsofthemortgage.Allofthesemaybesubjecttolocalregulationandlegalrequirements.Interest:interestmaybefixedforthelifeoftheloanorvariable,andchangeatcertainpre-definedperiods;theinterestratecanalso,ofcourse,behigherorlower.Term:mortgageloansgenerallyhaveamaximumterm,thatis,thenumberofyearsafterwhichanamortizingloanwillberepaid.Somemortgageloansmayhavenoamortization,orrequirefullrepaymentofanyremainingbalanceatacertaindate,oreven\o"Negativeamortization"negativeamortization.Paymentamountandfrequency:theamountpaidperperiodandthefrequencyofpayments;insomecases,theamountpaidperperiodmaychangeortheborrowermayhavetheoptiontoincreaseordecreasetheamountpaid.Prepayment:sometypesofmortgagesmaylimitorrestrictprepaymentofalloraportionoftheloan,orrequirepaymentofapenaltytothelenderforprepayment.Thetwobasictypesofamortizedloansarethe\o"Fixedratemortgage"fixedratemortgage(FRM)and\o"Adjustable-ratemortgage"adjustable-ratemortgage(ARM)(alsoknownasa\o"Floatinginterestrate"floatingrateor\o"Variableratemortgage"variableratemortgage).Inmanycountries(suchastheUnitedStates),floatingratemortgagesarethenormandwillsimplybereferredtoasmortgages.Combinationsoffixedandfloatingratearealsocommon,wherebyamortgageloanwillhaveafixedrateforsomeperiod,andvaryaftertheendofthatperiod.Inafixedratemortgage,theinterestrate,andhenceperiodicpayment,remainsfixedforthelife(orterm)oftheloan.Thereforethepaymentisfixed,althoughancillarycosts(suchaspropertytaxesandinsurance)cananddochange.Forafixedratemortgage,paymentsforprincipalandinterestshouldnotchangeoverthelifeoftheloan,Inanadjustableratemortgage,theinterestrateisgenerallyfixedforaperiodoftime,afterwhichitwillperiodically(forexample,annuallyormonthly)adjustupordowntosomemarketindex.Adjustableratestransferpartoftheinterestrateriskfromthelendertotheborrower,andthusarewidelyusedwherefixedratefundingisdifficulttoobtainorprohibitivelyexpensive.Sincetheriskistransferredtotheborrower,theinitialinterestratemaybefrom0.5%to2%lowerthantheaverage30-yearfixedrate;thesizeofthepricedifferentialwillberelatedtodebtmarketconditions,includingthe\o"Yieldcurve"yieldcurve.Thechargetotheborrowerdependsuponthecreditriskinadditiontotheinterestraterisk.The\o"Mortgageloan"mortgageoriginationandunderwritingprocessinvolvescheckingcreditscores,debt-to-income,downpayments,andassets.\o"Jumbomortgage"Jumbomortgagesand\o"Subprimelending"subprimelendingarenotsupportedbygovernmentguaranteesandfacehigherinterestrates.Otherinnovationsdescribedbelowcanaffecttheratesaswell.LoantovalueanddownpaymentsUponmakingamortgageloanforthepurchaseofaproperty,lendersusuallyrequirethattheborrowermakeadownpayment;thatis,contributeaportionofthecostoftheproperty.Thisdownpaymentmaybeexpressedasaportionofthevalueoftheproperty(seebelowforadefinitionofthisterm).Theloantovalueratio(orLTV)isthesizeoftheloanagainstthevalueoftheproperty.Therefore,amortgageloaninwhichthepurchaserhasmadeadownpaymentof20%hasaloantovalueratioof80%.Forloansmadeagainstpropertiesthattheborroweralreadyowns,theloantovalueratiowillbeimputedagainsttheestimatedvalueoftheproperty.Theloantovalueratioisconsideredanimportantindicatoroftheriskinessofamortgageloan:thehighertheLTV,thehighertheriskthatthevalueoftheproperty(incaseofforeclosure)willbeinsufficienttocovertheremainingprincipaloftheloan.Value:appraised,estimated,andactualSincethevalueofthepropertyisanimportantfactorinunderstandingtheriskoftheloan,determiningthevalueisakeyfactorinmortgagelending.Thevaluemaybedeterminedinvariousways,butthemostcommonare:Actualortransactionvalue:thisisusuallytakentobethepurchasepriceoftheproperty.Ifthepropertyisnotbeingpurchasedatthetimeofborrowing,thisinformationmaynotbeavailable.Appraisedorsurveyedvalue:inmostjurisdictions,someformofappraisalofthevaluebyalicensedprofessionaliscommon.Thereisoftenarequirementforthelendertoobtainanofficialappraisal.Estimatedvalue:lendersorotherpartiesmayusetheirowninternalestimates,particularlyinjurisdictionswherenoofficialappraisalprocedureexists,butalsoinsomeothercircumstances.PaymentanddebtratiosInmostcountries,anumberofmoreorlessstandardmeasuresofcreditworthinessmaybeused.Commonmeasuresincludepaymenttoincome(mortgagepaymentsasapercentageofgrossornetincome);\o"Debt-to-incomeratio"debttoincome(alldebtpayments,includingmortgagepayments,asapercentageofincome);andvariousnetworthmeasures.Inmanycountries,\o"Creditscore"creditscoresareusedinlieuofortosupplementthesemeasures.Therewillalsoberequirementsfordocumentationofthecreditworthiness,suchasincometaxreturns,paystubs,etc;thespecificswillvaryfromlocationtolocation.Somelendersmayalsorequireapotentialborrowerhaveoneormoremonthsof"reserveassets"available.Inotherwords,theborrowermayberequiredtoshowtheavailabilityofenoughassetstopayforthehousingcosts(includingmortgage,taxes,etc.)foraperiodoftimeintheeventofthejoblossorotherlossofincome.Manycountrieshavelowerrequirementsforcertainborrowers,or"no-doc"/"low-doc"lendingstandardsthatmaybeacceptableincertaincircumstances.StandardorconformingmortgagesManycountrieshaveanotionofstandardorconformingmortgagesthatdefineaperceivedacceptablelevelofrisk,whichmaybeformalorinformal,andmaybereinforcedbylaws,governmentintervention,ormarketpractice.Forexample,astandardmortgagemaybeconsideredtobeonewithnomorethan70-80%LTVandnomorethanone-thirdofgrossincomegoingtomortgagedebt.Astandardorconformingmortgageisakeyconceptasitoftendefineswhetherornotthemortgagecanbeeasilysoldorsecuritized,or,ifnon-standard,mayaffectthepriceatwhichitmaybesold.IntheUnitedStates,aconformingmortgageisonewhichmeetstheestablishedrulesandproceduresofthetwomajorgovernment-sponsoredentitiesinthehousingfinancemarket(includingsomelegalrequirements).Incontrast,lenderswhodecidetomakenonconformingloansareexercisingahigherrisktoleranceanddosoknowingthattheyfacemorechallengeinresellingtheloan.Manycountrieshavesimilarconceptsoragenciesthatdefinewhatare"standard"mortgages.Regulatedlenders(suchasbanks)maybesubjecttolimitsorhigherriskweightingsfornon-standardmortgages.Forexample,banksandmortgagebrokeragesinCanadafacerestrictionsonlendingmorethan80%ofthepropertyvalue;beyondthislevel,mortgageinsuranceisgenerallyrequired.[4]ForeigncurrencymortgageInsomecountrieswithcurrenciesthattendtodepreciate,\o"Foreigncurrencymortgage"foreigncurrencymortgagesarecommon,enablinglenderstolendinastableforeigncurrency,whilsttheborrowertakesonthe\o"Currencyrisk"currencyriskthatthecurrencywilldepreciateandtheywillthereforeneedtoconverthigheramountsofthedomesticcurrencytorepaytheloan.RepayingthemortgageInadditiontothetwostandardmeansofsettingthecostofamortgageloan(fixedatasetinterestratefortheterm,orvariablerelativetomarketinterestrates),therearevariationsinhowthatcostispaid,andhowtheloanitselfisrepaid.Repaymentdependsonlocality,taxlawsandprevailingculture.Therearealsovariousmortgagerepaymentstructurestosuitdifferenttypesofborrower.CapitalandinterestThemostcommonwaytorepayasecuredmortgageloanistomakeregularpaymentsofthecapital(alsocalledtheprincipal)andinterestoverasetterm.Thisiscommonlyreferredtoas(self)\o"Amortization(business)"amortizationintheU.S.andasa\o"Repaymentmortgage"repaymentmortgageintheUK.Amortgageisaformof\o"Annuity(financetheory)"annuity(fromtheperspectiveofthelender),andthecalculationoftheperiodicpaymentsisbasedonthe\o"Timevalueofmoney"timevalueofmoneyformulas.Certaindetailsmaybespecifictodifferentlocations:interestmaybecalculatedonthebasisofa360-dayyear,forexample;interestmaybe\o"Compoundinterest"compoundeddaily,yearly,orsemi-annually;\o"Prepaymentpenalties"prepaymentpenaltiesmayapply;andotherfactors.Theremaybelegalrestrictionsoncertainmatters,and\o"Consumerprotectionlaws"consumerprotectionlawsmayspecifyorprohibitcertainpractices.Dependingonthesizeoftheloanandtheprevailingpracticeinthecountrythetermmaybeshort(10years)orlong(50yearsplus).IntheUKandU.S.,25to30yearsistheusualmaximumterm(althoughshorterperiods,suchas15-yearmortgageloans,arecommon).Mortgagepayments,whicharetypicallymademonthly,containacapital(repaymentoftheprincipal)andaninterestelement.Theamountofcapitalincludedineachpaymentvariesthroughoutthetermofthemortgage.Intheearlyyearstherepaymentsarelargelyinterestandasmallpartcapital.Towardstheendofthemortgagethepaymentsaremostlycapitalandasmallerportioninterest.Inthiswaythepaymentamountdeterminedatoutsetiscalculatedtoensuretheloanisrepaidataspecifieddateinthefuture.Thisgivesborrowersassurancethatbymaintainingrepaymenttheloanwillbeclearedataspecifieddate,iftheinterestratedoesnotchange.Somelendersand3rdpartiesoffera\o"Biweeklymortgage"bi-weeklymortgagepaymentprogramdesignedtoacceleratethepayoffoftheloan.InterestonlyThemainalternativetoacapitalandinterestmortgageisan\o"Interest-onlymortgage"interest-onlymortgage,wherethecapitalisnotrepaidthroughouttheterm.ThistypeofmortgageiscommonintheUK,especiallywhenassociatedwitharegularinvestmentplan.Withthisarrangementregularcontributionsaremadetoaseparateinvestmentplandesignedtobuildupalumpsumtorepaythemortgageatmaturity.Thistypeofarrangementiscalledaninvestment-backedmortgageorisoftenrelatedtothetypeofplanused:\o"Endowmentmortgage"endowmentmortgageifanendowmentpolicyisused,similarlya\o"PersonalEquityPlan"PersonalEquityPlan(PEP)mortgage,\o"IndividualSavingsAccount"IndividualSavingsAccount(ISA)mortgageor\o"Pensionfund"pensionmortgage.Historically,investment-backedmortgagesofferedvarioustaxadvantagesoverrepaymentmortgages,althoughthisisnolongerthecaseintheUK.Investment-backedmortgagesareseenashigherriskastheyaredependentontheinvestmentmakingsufficientreturntoclearthedebt.Untilrecentlyitwasnotuncommonforinterestonlymortgagestobearrangedwithoutarepaymentvehicle,withtheborrowergamblingthatthepropertymarketwillrisesufficientlyfortheloantoberepaidbytradingdownatretirement(orwhenrentonthepropertyandinflationcombinetosurpasstheinterestrate).NocapitalorinterestForolderborrowers(typicallyinretirement),itmaybepossibletoarrangeamortgagewhereneitherthecapitalnorinterestisrepaid.Theinterestisrolledupwiththecapital,increasingthedebteachyear.Thesearrangementsarevariouslycalled\o"Reversemortgage"reversemortgages,\o"Lifetimemortgage"lifetimemortgagesorequityreleasemortgages(referringto\o"Homeequity"homeequity),dependingonthecountry.Theloansaretypicallynotrepaiduntiltheborrowersaredeceased,hencetheagerestriction.InterestandpartialcapitalIntheU.S.apartialamortizationor\o"Bulletloan"balloonloanisonewheretheamountofmonthlypaymentsduearecalculated(amortized)overacertainterm,buttheoutstandingcapitalbalanceisdueatsomepointshortofthatterm.IntheUK,apartialrepaymentmortgageisquitecommon,especiallywheretheoriginalmortgagewasinvestment-backedandonmovinghousefurtherborrowingisarrangedonacapitalandinterest(repayment)basis.Variations\o"Graduatedpaymentmortgageloan"Graduatedpaymentmortgageloanhaveincreasingcostsovertimeandaregearedtoyoungborrowerswhoexpectwageincreasesovertime.\o"Balloonpaymentmortgage"Balloonpaymentmortgageshaveonlypartialamortization,meaningthatamountofmonthlypaymentsduearecalculated(amortized)overacertainterm,buttheoutstandingprincipalbalanceisdueatsomepointshortofthatterm,andattheendoftheterma\o"Balloonpayment"balloonpaymentisdue.Wheninterestratesarehighrelativetotherateonanexistingseller'sloan,thebuyercanconsider\o"Assumedmortgage"assumingtheseller'smortgage.[5]A\o"Wraparoundmortgage"wraparoundmortgageisaformof\o"Sellerfinancing"sellerfinancingthatcanmakeiteasierforasellertosellaproperty.A\o"Biweeklymortgage"biweeklymortgagehaspaymentsmadeeverytwoweeksinsteadofmonthly.Budgetloansincludetaxesandinsuranceinthemortgagepayment;[6]\o"Packageloan"packageloansaddthecostsoffurnishingsandotherpersonalpropertytothemortgage.Buydownmortgagesallowthesellerorlendertopaysomethingsimilarto\o"Mortgagepoint"mortgagepointstoreduceinterestrateandencouragebuyers.[7]Homeownerscanalsotakeout\o"Equityloan"equityloansinwhichtheyreceivecashforamortgagedebtontheirhouse.\o"Sharedappreciationmortgage"Sharedappreciationmortgagesareaformof\o"Equityrelease"equityrelease.IntheUS,foreignnationalsduetotheiruniquesituationface\o"ForeignNationalmortgage"ForeignNationalmortgageconditions.\o"Flexiblemortgage"Flexiblemortgagesallowformorefreedombytheborrowertoskippaymentsorprepay.\o"Offsetmortgage"Offsetmortgagesallowdepositstobecountedagainstthemortgageloan.IntheUKthereisalsothe\o"Endowmentmortgage"endowmentmortgagewheretheborrowerspayinterestwhiletheprincipalispaidwithalifeinsurancepolicy.\o"Commercialmortgage"Commercialmortgagestypicallyhavedifferentinterestrates,risks,andcontractsthanpersonalloans.\o"Participationmortgage"Participationmortgagesallowmultipleinvestorstoshareinaloan.Buildersmaytakeout\o"Blanketloan"blanketloanswhichcoverseveralpropertiesatonce.\o"Bridgeloan"Bridgeloansmaybeusedastemporaryfinancingpendingalonger-termloan.\o"Hardmoneyloan"Hardmoneyloansprovidefinancinginexchangeforthemortgagingofrealestatecollateral.Foreclosureandnon-recourselendingMainarticle:\o"Foreclosure"foreclosureInmostjurisdictions,alendermay\o"Foreclose"foreclosethemortgagedpropertyifcertainconditions-principally,non-paymentofthemortgageloan-occur.Subjecttolocallegalrequirements,thepropertymaythenbesold.Anyamountsreceivedfromthesale(netofcosts)areappliedtotheoriginaldebt.Insomejurisdictions,mortgageloansare\o"Securedloan"non-recourseloans:ifthefundsrecoupedfromsaleofthemortgagedpropertyareinsufficienttocovertheoutstandingdebt,thelendermaynothaverecoursetotheborrowerafterforeclosure.Inotherjurisdictions,theborrowerremainsresponsibleforanyremainingdebt.Invirtuallyalljurisdictions,specificproceduresforforeclosureandsaleofthemortgagedpropertyapply,andmaybetightlyregulatedbytherelevantgovernment.Therearestrictorjudicialforeclosuresandnon-judicialforeclosures,alsoknownaspowerofsaleforeclosures.Insomejurisdictions,foreclosureandsalecanoccurquiterapidly,whileinothers,foreclosuremaytakemanymonthsorevenyears.Inmanycountries,theabilityoflenderstoforecloseisextremelylimited,andmortgagemarketdevelopmenthasbeennotablyslower.JurisdictionalperspectivesAstudyissuedbytheUN\o"EconomicCommissionforEurope"EconomicCommissionforEuropecomparedGerman,US,andDanishmortgagesystems.TheGermanBausparkassenhasreportednominalinterestratesofapproximately6percentperannuminthelast40years(asof2004).Inaddition,theychargeadministrationandservicefees(about1.5percentoftheloanamount).IntheUnitedStates,theaverageinterestratesforfixed-ratemortgagesinthehousingmarketstartedinthetensandtwentiesinthe1980sandhave(asof2004)reachedabout6percentperannum.However,grossborrowingcostsaresubstantiallyhigherthanthenominalinterestrateandamountedforthelast30yearsto10.46percent.InDenmark,similartotheUnitedStatescapitalmarket,interestrateshavefallento6percentperannum.Ariskandadministrationfeeamountsto0.5percentoftheoutstandingdebt.Inaddition,anacquisitionfeeischargedwhichamountstoonepercentoftheprincipal.[8]OthercountriesoutsideEurope：eachwiththeirownuniquelawandregulations.[8]UnitedStatesTheMortgageindustryoftheUnitedStatesisamajorfinancialsector.Thefederalgovernmentcreatedseveralprograms,orgovernmentsponsoredentities,tofostermortgagelending,constructionandencouragehomeownership.TheseprogramsincludetheGovernmentNationalMortgageAssociation(knownasGinnieMae),theFederalNationalMortgageAssociation(knownasFannieMae)andtheFederalHomeLoanMortgageCorporation(knownasFreddieMac).Fixed-ratemortgagearecommonintheUnitedStates,unlikemostofWesternEuropewherevariable-ratemortgagesaremorecommon.TheUnitedStateshashomeownershipratescomparabletoEurope,butoveralldefaultratesarelowerinEuropethanintheUnitedStates.Mortgageloanfinancingreliesmoreonsecondarymortgagemarketsandlessonformalgovernmentguaranteesbackedbycoveredbondsanddeposits.PrepaymentpenaltiesarediscouragedbyunderwritingrequirementsoflargeorganizationssuchasFannieMaeandFreddieMac.Mortgagesloansareoftennonrecoursedebt,unlikethemostoftheworld.TheUSsubprimemortgagecrisiswasoneofthefirstindicatorsofthe2007–2010financialcrisis,characterizedbyariseinsubprimemortgagedelinquenciesandforeclosures,andtheresultingdeclineofsecuritiesbackingsaidmortgages.TheearlierSavingsandloancrisisofthe1980sand1990sandNationalMortgageCrisisofthe1930salsoaroseprimarilyfromunsoundmortgagelending.Themortgagecrisishasledtoariseinforeclosures,leadingtothe2010UnitedStatesforeclosurecrisis.UnitedKingdomTheMortgageindustryoftheUnitedKingdomhastraditionallybeendominatedbybuildingsocieties,butfromthe1970stheshareofthenewmortgageloansmarketheldbybuildingsocietieshasdeclinedsubstantially.Between1977and1987,thesharefelldrasticallyfrom96%to66%whilethatofbanksandotherinstitutionsrosefrom3%to36%.Therearecurrentlyover200significantseparatefinancialorganizationssupplyingmortgageloanstohousebuyersinBritain.Themajorlendersincludebuildingsocieties,banks,specializedmortgagecorporations,insurancecompanies,andpensionfunds.IntheUKvariable-ratemortgagesaremorecommon,unlikethefixed-ratemortgagecommonintheUnitedStates.HomeownershipratesarecomparabletotheUnitedStates,butoveralldefaultratesarelower.Mortgageloanfinancingrelieslessonsecuritizedassetsandmoreondeposits,sincefundsraisedbybuildingsocietiesmustbeatleast50%deposits.Prepaymentpenalties